The 9 Most Common Mistakes Advisors Make: Mistake #2

The 9 Most Common Mistakes Advisors Make

Mistake #2: Building the Wrong Team

There are three sub-mistakes to building the wrong team.

The first is trying to do everything yourself. I love the quote, "If you don't have an assistant, you are one." So many advisors try to do it all. Build processes and procedures, manage scheduling, meet with clients, manage the firm's marketing, and so on. But there just isn't enough time in the day to do it all yourself. It's literally impossible.

The second sub-mistake is hiring and keeping the wrong people. Finding the right team members is a daunting task. Where should you look? Does your team member need industry experience? Getting the job description right and filling it can be a massive hurdle.

But what if you hire the wrong person? I'll tell you right now, keeping the wrong team member on staff at your practice is detrimental to your business. You must take the appropriate measures to protect your brand.

Finally, you must incentivize employees appropriately and ensure you retain them after you've invested your time and efforts into finding and training them. If you think employee incentives are for big companies like Google, you're way off. The smallest things can go the longest way and build incredible loyalty among your employees.

Download our sample job descriptions, that includes the optimal team structure so you can build the right team within your business.

Keep your eye out for my next blog which will focus on the 3rd most common mistake advisors make, and be sure to download our resources to help you put together the right team.